DIC Asset AG realizes Income of c. EUR 43.9 mn from Sale of 8% Stake in TLG Immobilien AG – Proceeds to be Invested in the Company’s Own Business

Press Release

DIC Asset AG realizes Income of c. EUR 43.9 mn from Sale of 8% Stake in TLG Immobilien AG – Proceeds to be Invested in the Company’s Own Business

Frankfurt am Main, 29 April 2019. DIC Asset AG, one of Germany’s leading listed property companies, sold most of its equity interest in TLG Immobilien AG by transferring a stake of 8% to the Bedrock group. The sale that was already contractually agreed upon in December 2018 results in an income of c. EUR 43.9 million. The proceeds amounting to EUR 214.8 million will be reinvested into the company’s own growth. Previously, in March 2019, DIC had reported the execution of the sale of a 6% stake of the stock to Ouram Holding S. à. r. l.

The income resulting from the transaction with Bedrock is directly recognised in net retained profits without having any effect on the income statement. Out of the total, c. EUR 36.1 million were already recognised in the reserves as of 31 December 2018. The execution of the transaction raises the shareholders’ equity of DIC Asset AG as of the transaction date by another EUR 6.9 million compared to the year-end total.

“Today, we are pleased to report that the disposal of our equity stake in TLG Immobilien AG announced in December was successfully concluded, generating c. EUR 376 million in total proceeds for DIC Asset AG. We intend to invest this money in our own business and to keep pursuing the growth path we chose to follow,” said Sonja Wärntges, CEO of DIC Asset AG, as she commented on the transaction.
 

For more details on DIC Asset AG, visit the company’s homepage at www.dic-asset.de.
 

About DIC Asset AG:
DIC Asset AG is one of Germany’s leading listed property companies, and specialises in commercial real estate. With around 20 years of experience on the German real estate market, the company maintains a regional footprint on all major German markets through six branch offices, and has 178 assets with a combined market value of c. EUR 5.6 billion under management. DIC uses a hybrid business model to manage its business divisions Commercial Portfolio, Funds and Other Investments. Taking an active asset management approach, DIC employs its proprietary, integrated real estate management platform to raise capital appreciation potential in its business divisions and to boost its revenues.

In its Commercial Portfolio division (EUR 1.7 billion in assets under management), DIC acts as proprietor and property asset holder, and thus generates revenues both from the management of the assets and through the value optimisation of its own real estate portfolio. The Funds division (EUR 1.8 billion in assets under management) generates its revenues by acting as issuer and manager of special real estate funds for institutional investors. Gathered in the business unit Other Investments (EUR 2.1 billion in assets under management) are strategic financial investments, the management of properties in which the company holds no equity stakes, equity investments in property developments and joint venture investments. DIC Asset AG has been included in the SDAX(R) segment of the Frankfurt Stock Exchange since June 2006. The Company’s shares are also included in the EPRA index, which tracks the performance of the most important European real estate companies. (as of: 31/12/2018)